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Sandstone delivers advanced
capability for Westpac to automate the life cycle of
a valuation request for mortgage loan customers.
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| :Sandstone Technology, an Australian-based, worldwide
supplier of specialist lending industry solutions
announces today that Westpac, Australia’s First
Bank, has chosen Sandstone’s Valuation Management
Service (VMS) industry hub solution to manage the
life cycle of the banks electronic valuation
requests to its panel of valuation firms.
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VMS provides the lending and valuation communities
with an efficient, easy-to-use, secure, industry hub
for the process of ordering, completing, reporting
and invoicing a residential property valuation
request to support a mortgage loan application. It
is most often this step in the process of loan
approval that takes excessive time and causes delays
and frustration for Bank customers waiting for an
unconditional approval. The VMS service addresses
the Bank’s need to better manage this process with
Valuers to provide an improved service to customers.
It is a leading edge development in line with the
emerging LIXI Association standards ensuring
flexibility and openness in electronic transfer of
information between lenders and their providers. |
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Tim Beresford, Head of Secured Finance at Westpac
said “Westpac has now moved one step closer to a
fully automated loan origination system. A key part
of that is automating the property valuation request
life cycle – Westpac has chosen Sandstone’s VMS
system as the best vehicle to achieve this. We have
had an outstanding start with the launch of the
service to our panel this week. The positive
response and enthusiasm for VMS from our staff and
panel valuation firms has been excellent. Our
customers will soon reap the benefits that will come
from faster unconditional loan approval turnaround
times.” |
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CEO of Sandstone Technology agrees: “We are
delighted that Westpac, one of the leading Banks in
the region, is leading the way to streamline its
mortgage lending business by adopting our VMS
service and embracing the principles of straight
through processing which will inevitably enable
better service to consumers. We are also delighted
with the response from Valuation Firms who are eager
to provide a more competitive service in line with
the market’s drive towards cost-effective e-business
solutions” |
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“We believe, that VMS customers will realise
significantly reduced costs and much improved
turnaround times in concluding the valuation step in
the lending chain which will ultimately benefit end
customers.” |
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About Sandstone Technology Limited |
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Sandstone Technology Pty Limited is based in Sydney
and operates in Australasia, the Philippines and the
UK. It is a leading supplier of sophisticated
internet banking platforms, loans origination and
other lending related services. Sandstone Technology
specialises in developing solutions for the
financial services sector that lead the market
providing customers with competitive advantage
through innovation and speed to market. |
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Sandstone Technology's customers include tier one
and two banks, building societies, credit unions,
and insurance providers. |
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More information can be found at: http://www.sandstone-vms.com.au
or
http://www.sandstone-tech.com.au |
| Contact Sandstone Technology: |
Frank Connon
VMS Director
Sandstone Technology Limited
e-mail:
frankconnon@sandstone-tech.com.au
phone: +61 2 9911 7100
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| Contact Westpac: |
John Burgman
Head of Secured Product Risk
Business and Consumer Risk
e-mail:
jburgman@westpac.com.au
phone: +61 2 9226 1610
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